Single Window Portal To Be Set Up For Pensioners, Superannuated Elder Citizens

Union Minister Jitendra Singh has announced the establishment of a Single Window Portal for the benefit of pensioners and superannuated seniors.
 
According to a PIB press release issued on 12 April 2022, “The Portal will not only enable constant contact with pensioners and their associations across the country but will also regularly receive their inputs, suggestions as well as grievances for prompt response.”
 
The goal of the Common Pension Portal, according to Singh, is to develop a one window digital method for retirees to express their issues and have them resolved without having to go to different agencies in person. 
 
The release said, “SCOVA (Standing Committee of Voluntary Agencies) is a useful platform for holding consultation with the stakeholders i.e. the pensioners through their Associations and concerned Ministries/Departments. It provides the Associations an opportunity for raising their issues concerning pensioners’ welfare etc. directly before the concerned Ministries/Departments. Pensioner Associations from Jammu, Jaipur, Tamil Nadu, Karnataka, Chandigarh and other parts of the country participated in the meeting.”
 
Initiatives taken to benefit pensioners 
 
Doorstep Service for submission of Digital Life Certificate 
 
Dr. Jitendra Singh stated that since the start of the Doorstep Service for submitting Digital Life Certificates (DLC) through Postman in November 2020, more than 3,08,625 Life Certificates had been processed through India Post Payments Bank (IPPB). He also stated that Public Sector Banks have implemented door-to-door banking for the collecting of Life Certificates in 100 cities, with 4253 Life Certificates collected through Banking Agents. 
 
Face Authentication Technique 
 
According to PIB release, “Dr Jitendra Singh said that Face Authentication Technique through Android phone for submission of life certificate digitally has been launched on 29.11.2021 and till date, more than 20,500 Life Certificates through face authentication have been done. Similarly, he informed that as on date total number of DLCs submitted by the Central Government Pensioners is around 1,07,75,980 /- since 2014. In 2021 total DLCs submitted till date is 19,80,977.” 
 
Bhavishya’ platform 
 
The 'Bhavishya' platform, an integrated online pension processing system, is now being successfully deployed in the main Secretariat of 96 Ministries/Departments, including 813 Attached Offices, according to Dr Jitendra Singh. Bhavishya is the first app to leverage Digilocker's PUSH Technology, which is based on the Digilocker Id. According to the Minister, more than 1,50,000 cases have been completed to date, resulting in the issuance of PPOs, including more than 80,000 e-PPOs. Bhavishya 8.0 with a new feature to PUSH the ePPO in Digilocker will be available in August 2020. 
 
Pension Rules 
 
Dr Jitendra Singh said, “the earlier Pension Rules were notified 50 years ago in 1972. Since then, a large number of amendments to the CCS (Pension) Rules, 1972 have taken place. He said, in the light of such changes and several office memoranda clarifying different provisions of these Rules, the Department has brought out a revised and updated version of the Rules i.e. Civil Services (CCS) (Pension) Rules, 2021. 
 
Dr Jitendra Singh clarified that the revised Rules do not make any changes in regard to entitlement of amount of pension, family pension or gratuity. However, the new Rules bring about several new policy and procedural improvements over the Central Civil Services (Pension) Rules, 1972. Also, some provisions in the old rules, which have become redundant over a period of time, have been omitted from the new Rules, the Minister added.”
 

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Changes in Our Business Model
 
 
25th Sept 2020
 
Greetings from Moneylife Advisory Services
 
Between financial years 2019-21, SEBI has come up with extensive changes to investor advisor regulations. On Sep 23, 2020, SEBI had issued new additional guidelines. This comes just two months after extensive changes announced in July 2020. Earlier, in December 2019 there was an ad hoc circular
 
As a result of these changes, IAs, cannot accept fees through credit cards, will have to sign a 26-clause investor agreement, have to maintain physical record written & signed by client, telephone recording, emails, SMS messages and any other legally verifiable record for five years. IAs were already asked to record the suitability and rationale for every piece of advice given, sign them and store them for five years.
 
While these extensive and frequent changes, designed to strengthen the conduct of IAs are well-meaning, these have sharply increased compliance efforts and cost. We, being online advisors, find many of changes harder to implement, compared to advisors working in the physical space. We will have to have an army of advisors, administrative and tech staff to be compliant. If we do this, we will have to divert money to these areas and the cost of our service will double. We want to remain the least-cost service in the market to benefit more and more people. In the circumstances, we are forced to change our business model from “advisory” to “research”. This will mean the following:
 
What remains the same:
  • Recommendations on insurance, investment and Lion stocks, will continue as a part of the MAS premium subscription. Our strength has always been research and this will remain available to you through our recommendations.
  • The magazine and all textual content will remain as part of the service
  • We will have to suspend the restructuring tool.
 
What changes:
  • The interactions in Ask / Handholding will offer investment advice but not specific to your situation. It will offer information on investment products and also clarify your doubts about various financial products. It will be a forum for information, not for advice. This will be implemented with immediate effect and our guidelines in Ask, reflect this now.
 
Over the next few weeks our site and our communication to you will reflect these and other additional changes.
 
We feel this will not affect you much in terms of what really matters in investing: knowing what to buy and when to buy. This is our edge and it will still be available to you.
 
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Debashis Basu
Founder